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本文阐述了关于管理层激励的两种相互冲突的理论:契约理论和管理层权利理论,在此基础上进一步分析了股权结构与市场化进程这两种内部治理机制与外部治理环境对管理层激励的影响,并提出通过所有权安排、经理人市场培育和改善市场化环境等措施来提高管理层激励效果的途径。
This article elaborates two conflicting theories about management incentives: contract theory and management rights theory. On this basis, we further analyze the relationship between ownership structure and market-oriented internal governance mechanisms and the external governance environment’s incentive to management And put forward ways to improve management incentive effect through measures of ownership arrangement, manager’s market cultivation and improvement of market-oriented environment.